Endocyte Announces $175.0 Million Proposed Public Offering of Common Stock

Endocyte, Inc. (Nasdaq Global Market:ECYT), a biopharmaceutical company developing targeted therapeutics for personalized cancer treatment, announced today that it intends to offer and sell $175.0 million of its common stock in an underwritten registered public offering.  In addition, Endocyte expects to grant the underwriters a 30-day option to purchase up to an additional $26.25 million of its common stock on the same terms and conditions. All shares of common stock to be sold in the proposed offering will be sold by Endocyte. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Endocyte intends to use the net proceeds from the proposed offering, if completed, to fund the continued clinical development of its pipeline products and preparation for the commercial launch of 177Lu-PSMA-617, if approved, as well as for working capital and general corporate purposes.

Jefferies LLC, Wells Fargo Securities, LLC and RBC Capital Markets, LLC are acting as joint book-running managers for the proposed offering. 

The proposed offering is being made pursuant to a shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission, or the SEC, that became automatically effective on September 10, 2018.  A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the proposed offering will be filed with the SEC and will be available by visiting the SEC’s website at www.sec.gov or by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022, by telephone at [phone], or by email at [e-mail]; Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, by telephone at [phone], or by email at [e-mail]; or RBC Capital Markets, LLC, Attention: Equity Syndicate Department, 200 Vesey Street, 8th Floor, New York, New York 10281, by telephone at [phone], or by email at [e-mail].  The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Endocyte

Endocyte is a biopharmaceutical company and leader in developing targeted therapies for the personalized treatment of cancer. The company's drug conjugation technology targets therapeutics and companion imaging agents specifically to the site of diseased cells. Endocyte’s lead program is a prostate specific membrane antigen (PSMA)-targeted radioligand therapy, 177Lu-PSMA-617, in phase 3 for metastatic castration-resistant prostate cancer (mCRPC) for PSMA-positive patients. Endocyte also expects to have an Investigational New Drug application submitted in the fourth quarter of 2018 for its adaptor-controlled CAR T-cell therapy which will be studied initially in osteosarcoma.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These include statements regarding, but not limited to, Endocyte’s intention to offer the shares of its common stock, the expected uses of the proceeds from the proposed offering, and the timing of clinical studies of Endocyte’s product candidates.  Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue” or comparable terminology. Forward-looking statements involve risks and uncertainties that could cause actual results or developments to differ materially from those indicated due to a number of factors affecting Endocyte’s operations, markets, products and services. Endocyte identifies the principal risks and uncertainties that impact its performance in its public reports filed with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition” sections of Endocyte’s most recent Annual Report on Form 10-K, as may be supplemented or amended by Endocyte’s subsequent Quarterly Reports on Form 10-Q.  Forward-looking statements speak only as of the date on which they are made and Endocyte assumes no obligation to update any forward-looking statements, except as required under applicable law.

Investor Contact

Michael Schaffzin, Stern Investor Relations, Inc., [phone], [e-mail]